DMB financial provides consumers with an alternative solution to becoming debt free. They have over 50 years of combined experience in the debt settlement industry and are one of the largest performance based settlement companies in the nation. Debt settlement services have been provided through DMB Financial for over 10 years and have saved consumers somewhere in the neighborhood of $353 million during that time.
DMB Financial has plenty of positive attributes associated with their debt settlement program. For starters, they are 100% performance based so they only earn their fee when an account has been settled. There are no up-front fees of any kind, however a $34.95 monthly administration and client services fee is charged.
While hiring a company for debt settlement can be a big step toward financial recovery, the good news is they provide options to help consumers dig their way out of a financial hole. They work with customers to develop a budget plan laying out each of their monthly expenses and income accounts, as well as any long term savings, employment situation, stress levels, and past due credit card payments. They attempt to target a number that is both lower than their current payments and still wide enough to build a program that will work to get individuals out of debt. They explain the typical client has seen over 50% of their debt written off in as little as 36 months. As their goal is to get clients out of debt under 48 months, should individuals require longer than 48 months, these cases must be approved by the owners and is determined on a case-by-case basis.
Unsecured debt may be enrolled and the rate charged by the company will be wrapped up into one monthly payment paid into a US Bank account, which is set up by the client and maintained by a 3rd party company, Global Client Solutions. The program payment will be debited from the bank account each month on a date agreed upon by the client.
The minimum debt accepted in the program will vary on a case-by-case basis. According to representatives, there have been clients enrolled with as little as $10,000 and as much as $150,000. DMB Financial places confidence in their ability to settle debts they back it up by providing clients a $1,000 guarantee should an enrolled debt not become settled. Clients may opt out of the program at any time without any fees. Any money that had accrued into the bank account they set up would go directly back to the client, according to one program consultant.
Free consultations are offered by calling the toll-free number or filling out the contact information on the left hand side of the home webpage. Once the personal information is entered, a representative will call shortly thereafter to discuss debt relief options and to determine qualification. If for some reason someone doesn’t qualify, the representative will try and direct them to someone who can assist them, which is helpful.
They also offer a “Refer a Friend” program. For each individual referred and signs up, a $200 dollar award is given, which can be used toward the bank account balance or kept for pocket cash.
Pro’s to consider:
- Reduce debts by 50% or more per account
- Over 10 years of experience to count on
- $1,000 guarantee
- CPA’s and tax consultants on staff
Debt relief does not come without some level of risk involved. Regardless of the option chosen to get out of debt, there will be some restrictions. With debt settlement, risk comes in the form of tax penalties, lawsuits and further collection attempts.
Another concern is only accounts they know they can settle are qualified to be enrolled, meaning not all unsecured debt types qualify. Also, they will not accept clients into the program for longer than 60 months, as the risk of litigation is too strong.
On top of lacking certification and hit-and-miss debt enrollment types, this company does little to provide their clients with financial literacy to getting, and staying, debt free.
Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.